No. of Recommendations: 2
It takes a VERY long time.

I had a mortgage that went into foreclosure (the house sold for $40K more than the loan before the bank took it) back in 2006. My FICO credit score is just now getting into the 700 territory, which is what is needed to get the best rates at our credit union. We refinanced our house a year ago, and they would not give us the 3.5% rate if I was on the mortgage. (I am on the title). They said my credit score was in the 680's and we would have to settle for a much higher interest rate.

The only negatives on my credit report was the foreclosure (90+ days late) and one settled credit card account that just fell off. It does not take a lot to destroy your FICO score, and the only thing that can really heal it is time. Lots and lots of time.
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement